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style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)STOXXEurope50(R)ETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)STOXXEurope50(R)ETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)STOXXEurope50(R)ETF column period compact * ~</div>485BPOS0001168164SPDR INDEX SHARES FUNDS (Formerly streetTRACKS Index Shares Funds)false2013-01-282013-01-312013-01-312012-09-30<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Small Cap Emerging Asia Pacific ETF</b><b>INVESTMENT OBJECTIVE</b><b>SPDR<sup>&#174;</sup> EURO STOXX 50<sup>&#174;</sup> ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR EURO STOXX 50 ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50&#174; Index (the &#8220;Index&#8221;).<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0029000.0029<b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P Emerging Asia Pacific ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the Asia Pacific region.<b>FEES AND EXPENSES OF THE FUND </b>The SPDR S&amp;P Small Cap Emerging Asia Pacific ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an equity index based upon the small capitalization segment of emerging markets of the Asia Pacific Region.<b>EXAMPLE:</b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:3093163368This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>PORTFOLIO TURNOVER:</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 9% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>INVESTMENT OBJECTIVE<b/>In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index is designed to represent the performance of some of the largest companies across components of the 20 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index.<br/><br/>The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries. Index composition is reviewed annually and weights are reviewed quarterly. Countries covered in the Index have historically included, among others, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands and Spain. The 50 companies in the Index are selected by first identifying the companies that equal approximately 60% of the free-float market capitalization of each corresponding EURO STOXX Total Market Index Supersector Index. In addition, any stocks that are currently components of the Index are added to the list. From that list, the 40 largest stocks are selected to be components of the Index. In addition, any stocks that are current components of the Index (and ranked 41-60 on the list) are included as components. If there are still less than 50 component stocks, the applicable number of the largest remaining stocks on the list ranked 41 or higher are included as components of the Index. As of December 31, 2012, the Index was comprised of 50 securities.<br/><br/>The Index is sponsored by STOXX (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.The SPDR S&amp;P Russia ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Russian equity market.<b>FEES AND EXPENSES OF THE FUND </b>The SPDR S&amp;P China ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>FEES AND EXPENSES OF THE FUND </b><b>FEES AND EXPENSES OF THE FUND </b>0.09This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>FUND SUMMARIES<br/><br/><b>SPDR<sup>&#174;</sup> STOXX<sup>&#174;</sup> Europe 50 ETF </b><b>ANNUAL FUND OPERATING EXPENSES</b> (expenses that you pay each year as a percentage of the value of your investment):This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>INVESTMENT OBJECTIVE</b><b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.00590.0065000<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b></b>0.00650.00590.005900<b>EXAMPLE:</b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:66602081893623298107380<b>PORTFOLIO TURNOVER: </b><b>PORTFOLIO TURNOVER:</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period from the commencement of the Fund&#8217;s operations (January 11, 2012) to the end of the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 65% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio.0.07<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY</b><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 27.42% (Q2 2003)<br/> Lowest Quarterly Return: -28.71% (Q3 2011)</p>In seeking to track the performance of the S&amp;P Asia Pacific Emerging Under USD 2 Billion Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). Swaps, options and futures contracts may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows.<br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded small-cap companies domiciled in emerging Asian Pacific markets. The Index component securities are a subset, based on market capitalization and region, of component securities included in the S&amp;P Global BMI (Broad Market Index). S&amp;P Global BMI is a comprehensive, float-adjusted market capitalization weighted rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the S&amp;P Global BMI if it is classified as either a developed or emerging market by the S&amp;P Global Equity Index Committee. Country classification is reviewed annually and determined based on quantitative criteria and feedback from market participants via a publicly available market consultation. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. To be included in the Index, a publicly listed company must have a total market capitalization between $100 million and $2 billion, and be located in a country that meets the S&amp;P Asia Pacific Emerging BMI criteria. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float adjusted,&#8221; meaning that only those shares publicly available to investors are included in the Index calculation. In addition, each individual stock is capped at a maximum of 25% of the Index weight, and the top 5 stocks are capped at a maximum of 50% of the Index weight. Countries covered in the Index have historically included, among others, China, India, Indonesia, Malaysia, the Philippines, Taiwan and Thailand. As of December 31, 2012, the Index was comprised of 1,261 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>In seeking to track the performance of the S&amp;P Asia Pacific Emerging BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). Swaps, options and futures contracts may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows. <br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Countries covered in the Index have historically included, among others, China, India, Indonesia, Malaysia, the Philippines, Taiwan and Thailand. As of December 31, 2012, the Index was comprised of 1,712 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Asia Pacific ETF </b>Highest Quarterly Return:2003-06-300.2742Lowest Quarterly Return:2011-09-30-0.2871<b>FUND PERFORMANCE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.com0.20570.13820.199-0.0808-0.0658-0.08450.06630.060.0646<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Russia ETF </b><b>INVESTMENT OBJECTIVE</b><b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):The SPDR STOXX Europe 50 ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX<sup>&#174;</sup> Europe 50 Index (the &#8220;Index&#8221;).<b>FEES AND EXPENSES OF THE FUND</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES</b> (expenses that you pay each year as a percentage of the value of your investment):<b>EXAMPLE:</b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER:</b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>PACIFIC REGION:</b>&nbsp;&nbsp;Many of the Pacific region economies can be exposed to high inflation rates, undeveloped financial services sectors, and heavy reliance on international trade. The region&#8217;s economies are also dependent on the economies of Asia, Europe and the United States and, in particular, on the price and demand for agricultural products and natural resources. Currency devaluations or restrictions, political and social instability, and deteriorating economic conditions may result in significant downturns and increased volatility in the economies of countries of the Pacific region, as it has in the past.</p><p style="margin-left:4%"><b>DERIVATIVES RISK:</b>&nbsp;&nbsp;A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). The Fund may invest in swaps, options and futures contracts. Swaps are contracts in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset in return for payments based on the return of a different specified rate, index or asset. Options involve the payment or receipt of a premium by an investor and the corresponding right or obligation to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund&#8217;s losses may be greater if it invests in derivatives than if it invests only in conventional securities.</p><p style="margin-bottom:0px;margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 6% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY</b>0.41720.18010.0767As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.32040.2183-0.44980.2983In seeking to track the performance of the Index, the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index is designed to represent the performance of some of the largest companies across all components of the 20 STOXX Europe 600 Supersector Indexes. The STOXX Europe 600 Supersector Indexes are subsets of the STOXX Europe 600 Index and contain 600 of the largest stocks traded on the major exchanges in Europe. The STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and a subset of the STOXX Global 1800 Index. The Index captures approximately 50% of the free-float market capitalization of the STOXX Europe Total Market Index, which in turn covers approximately 95% of the free-float market capitalization of the represented countries. Index composition is reviewed annually and weights are reviewed quarterly. Countries covered in the Index have historically included, among others, Belgium, Finland, France, Italy, the Netherlands, Spain, Sweden, Switzerland and the United Kingdom. The 50 companies in the Index are selected by first identifying the companies that equal approximately 60% of the free-float market capitalization of each corresponding STOXX Europe Total Market Index Supersector Index. In addition, any stocks that are currently components of the Index are added to the list. From that list, the 40 largest stocks are selected to be components of the Index. In addition, any stocks that are current components of the Index (and ranked 41-60 on the list) are included as components. If there are still less than 50 component stocks, the applicable number of the largest remaining stocks on the list ranked 41 or higher are included as components of the Index. As of December 31, 2012, the Index was comprised of 50 securities.<br/><br/>The Index is sponsored by STOXX (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.-0.0878<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b>0.2057<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund. <p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>SMALL CAP RISK:</b>&nbsp;&nbsp;Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>PACIFIC REGION:</b>&nbsp;&nbsp;Many of the Pacific region economies can be exposed to high inflation rates, undeveloped financial services sectors, and heavy reliance on international trade. The region&#8217;s economies are also dependent on the economies of Asia, Europe and the United States and, in particular, on the price and demand for agricultural products and natural resources. Currency devaluations or restrictions, political and social instability, and deteriorating economic conditions may result in significant downturns and increased volatility in the economies of countries of the Pacific region, as it has in the past.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><p style="margin-left:4%"><b>DERIVATIVES RISK:</b>&nbsp;&nbsp;A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). The Fund may invest in swaps, options and futures contracts. Swaps are contracts in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset in return for payments based on the return of a different specified rate, index or asset. Options involve the payment or receipt of a premium by an investor and the corresponding right or obligation to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund&#8217;s losses may be greater if it invests in derivatives than if it invests only in conventional securities.</p><b>FUND PERFORMANCE</b><b>FUND PERFORMANCE </b>The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s returns based on net assets and comparing the Fund&#8217;s performance to the Index.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.0.65The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> China ETF </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<br/><p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>LARGE CAP RISK:</b>&nbsp;&nbsp;Returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>EUROPE:</b>&nbsp;&nbsp;Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possible bail-out by the rest of the European Union (&#8220;EU&#8221;) or debt restructuring. Assistance given to an EU member state may be dependent on a country&#8217;s implementation of reforms in order to curb the risk of default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events have adversely affected the exchange rate of the euro and therefore may adversely affect the Fund and its investments.</p><p style="margin-bottom:0px;margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.0.0059As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history.<b>FUND PERFORMANCE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.http://www.spdrs.com0.005900<b>EXAMPLE: </b>0.0059<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>ANNUAL TOTAL RETURN </b>(years ended 12/31)<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:6018960329738189329738-0.50420.74010.1915<b>PORTFOLIO TURNOVER: </b>-0.188The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.<b>PORTFOLIO TURNOVER: </b><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 24.29% (Q2 2009)<br/> Lowest Quarterly Return: -21.43% (Q3 2011)</p><b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of S&amp;P Russia Capped BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br /><br />The Index is a float-adjusted market capitalization index designed to define and measure the investable universe of publicly-traded companies domiciled in Russia. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading are included for each country. The Index uses a &#8220;modified market capitalization&#8221; weighting scheme, which means that modifications are made to the market capitalization weights, if required, to conform to Internal Revenue Code requirements and reduce single stock concentration. The Index is rebalanced annually. The Index is &#8220;float-adjusted,&#8221; meaning that only those shares publicly available to investors are included in the index calculation. As of December 31, 2012, there were approximately 87 securities in the Index. <br /><br />The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<br /><br />0.1759As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>LARGE CAP RISK:</b>&nbsp;&nbsp;Returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>EUROPE:</b>&nbsp;&nbsp;Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possible bail-out by the rest of the European Union (&#8220;EU&#8221;) or debt restructuring. Assistance given to an EU member state may be dependent on a country&#8217;s implementation of reforms in order to curb the risk of default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events have adversely affected the exchange rate of the euro and therefore may adversely affect the Fund and its investments.</p><p style="margin-bottom:0px;margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.1<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>NON-DIVERSIFICATION RISK:</b>&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 36.27% (Q2 2009)<br/>Lowest Quarterly Return: -22.05% (Q3 2008)</p>This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.In seeking to track the performance of the S&amp;P China BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br /><br /> Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br /><br /> The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in China available to foreign investors. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. As of December 31, 2012, the Index was comprised of 465 securities. <br /><br /> The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)EUROSTOXX50(R)ETF column period compact * ~</div>
0.06As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)EUROSTOXX50(R)ETF column period compact * ~</div>
<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Latin America ETF </b><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>INVESTMENT OBJECTIVE</b>Highest Quarterly Return:2009-06-300.3627The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.Lowest Quarterly Return:<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)EUROSTOXX50(R)ETFBarChart column period compact * ~</div>
2008-09-30-0.2205<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):http://www.spdrs.com<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)EUROSTOXX50(R)ETF column period compact * ~</div>
The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRSandPSmallCapEmergingAsiaPacificETF column period compact * ~</div>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRSandPSmallCapEmergingAsiaPacificETF column period compact * ~</div>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Highest Quarterly Return:2009-06-300.2429Lowest Quarterly Return:2011-09-30-0.2143Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.0029The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.000.0029As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:&nbsp;</b> The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:&nbsp;</b> While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:&nbsp;</b> An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"></p><p style="margin-left:4%"> <b>FOREIGN INVESTMENT RISK:&nbsp;</b> Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:&nbsp;</b> Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"> <b>GEOGRAPHIC RISK:&nbsp;</b> Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time. </p><p style="margin-left:8%"><b>CHINA:&nbsp;</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China&#8217;s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China&#8217;s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests.</p><p style="margin-left:4%"> <b>NON-DIVERSIFICATION RISK:&nbsp;</b> The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>30931633680.17590.17340.1192As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.21170.35520.15250.07390.2675-0.0037-0.0073-0.00340.1363-0.003<b>NON-DIVERSIFICATION RISK:</b> The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.-0.43960.06620.06220.05690.32680.0696-0.0354-0.08040.1482As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;The Fund may invest in foreign securities, including American Depositary Receipts and Global Depositary Receipts, which represent shares of foreign-based corporations. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a fund that focuses on a single country (e.g., Russia), or a specific region (e.g., Eastern European countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>RUSSIA:</b>&nbsp;&nbsp;The Fund may be affected unfavorably by political developments, social instability, changes in government policies, and other political and economic developments in Russia. Russian securities markets are substantially smaller, less liquid and more volatile than the securities markets in the United States, with a few issuers representing a large percentage of market capitalization and trading volume. Additionally, financial information on Russian issuers may not be as reliable as U.S. companies because they are not necessarily prepared and audited in accordance with U.S. or Western European generally accepted accounting principles and auditing standards. Because Russia is undergoing a rapid transition from a centrally-controlled command system to a more market-oriented democratic model, the Fund may be affected unfavorably by political developments, social instability, changes in government policies, and other political and economic developments. There is also the potential for unfavorable action such as expropriation, dilution, devaluation, default of excessive taxation by the Russian government or any of its agencies or political subdivisions with respect to investments in Russian securities by or for the benefit of foreign entities.</p><p style="margin-left:4%"><b>ENERGY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that was more diversified. Energy companies develop and produce oil, gas and consumable fuels and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies. Weak demand for energy companies&#8217; products or services or for energy products and services in general, as well as negative developments in these other areas, including natural disasters or terrorist attacks, would adversely impact the Fund&#8217;s performance.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b><b>FUND PERFORMANCE </b>2007-03-202007-03-202007-03-202007-03-20<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)STOXXEurope50(R)ETFBarChart column period compact * ~</div>
<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.1250.12090.08690.12950.00410.00350.00610.01660.14820.14030.10310.1474-0.0541-0.0582-0.0441-0.0548The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.0.06220.05830.05590.0636This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.com-0.24820.125<b>SPDR<sup >&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Europe ETF</b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P Emerging Europe ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon European emerging markets.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0059000.0059<b>EXAMPLE: </b>601890.1943329738-0.085<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 6% of the average value of its portfolio.0.0626The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Lowest Quarterly Return:2011-09-30-0.2969Highest Quarterly Return:2012-03-310.1781http://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp; The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.11<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 17.81% (Q1 2012)<br/> Lowest Quarterly Return: -29.69% (Q3 2011)</p><b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P European Emerging Capped BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging European markets. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Each individual stock is capped at a maximum of 24% of index weight and changes in capping are monitored on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, the Czech Republic, Hungary, Poland, Russia and Turkey. As of December 31, 2012, the Index was comprised of 248 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRRussiaETF column period compact * ~</div>
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>EUROPE:</b>&nbsp;&nbsp;Developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possible bail-out by the rest of the European Union (&#8220;EU&#8221;) or debt restructuring. Assistance given to an EU member state may be dependent on a country&#8217;s implementation of reforms in order to curb the risk of default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events have adversely affected the exchange rate of the euro and therefore may adversely affect the Fund and its investments.</p><p style="margin-left:4%"><b>ENERGY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that was more diversified. Energy companies develop and produce oil, gas and consumable fuels and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies. Weak demand for energy companies&#8217; products or services or for energy products and services in general, as well as negative developments in these other areas, including natural disasters or terrorist attacks, would adversely impact the Fund&#8217;s performance.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRRussiaETF column period compact * ~</div>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at<br/> http://www.spdrs.com.-0.65190.82520.1457-0.24930.2337<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRRussiaETFBarChart column period compact * ~</div>
<b>SPDR<sup>&#174;</sup> S&P<sup>&#174;</sup> BRIC 40 ETF </b>Highest Quarterly Return:<b>INVESTMENT OBJECTIVE</b>2009-06-300.3792Lowest Quarterly Return:2008-12-31The SPDR S&amp;P BRIC 40 ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of Brazil, Russia, India and China.-0.4253<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.005<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)000.005<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:51160<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 37.92% (Q2 2009)<br/> Lowest Quarterly Return: -42.53% (Q4 2008)</p>2806280.23370.23280.16120.2381-0.0758-0.0744-0.0594-0.0771-0.022-0.0209-0.0153-0.0166<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 13% of the average value of its portfolio.0.13<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P BRIC 40 Index (the &#8220;Index&#8221;), the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund). <br/><br/>The Index is a market capitalization weighted index designed to provide exposure to 40 leading companies domiciled in the emerging markets of Brazil, Russia, India and China that are listed on the Hong Kong Stock Exchange, the London Stock Exchange, NASDAQ and/or the NYSE. To be eligible for the Index, companies must first be constituents of the S&amp;P/IFC Investable (S&amp;P/IFCI) country indices for Brazil, Russia, India or China. The S&amp;P/IFCI Index series is designed to measure the type of returns foreign portfolio investors might receive from investing in emerging market stocks that are legally and practically available to them. Constituents for the S&amp;P/IFCI series are drawn from the S&amp;P/IFC Global stock universe based on size, liquidity and their legal and practical availability to foreign institutional investors. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation, and the Index is rebalanced annually. As of December 31, 2012, the Index was comprised of 40 securities. <br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>2007-03-202007-03-202007-03-202007-03-20<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPREMERGINGASIAPACIFICETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPREMERGINGASIAPACIFICETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPREMERGINGASIAPACIFICETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPREMERGINGASIAPACIFICETF column period compact * ~</div>
0.06As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.comThe after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.</p><p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>LATIN AMERICA:</b>&nbsp;&nbsp;Latin American economies are generally considered emerging markets and are generally characterized by high interest, inflation, and unemployment rates. Currency devaluations in any one Latin American country can have a significant effect on the entire Latin American region. Because commodities such as oil and gas, minerals, and metals represent a significant percentage of the region&#8217;s exports, the economies of Latin American countries are particularly sensitive to fluctuations in commodity prices. A relatively small number of Latin American companies represents a large portion of Latin America&#8217;s total market and thus may be more sensitive to adverse political or economic circumstances and market movements.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>2010-03-102010-03-102010-03-102007-03-202007-03-202007-03-20The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Lowest Quarterly Return:2008-12-31-0.3481Highest Quarterly Return:2009-06-300.3961As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. </p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. </p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries. </p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative. </p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time. </p><p style="margin-left:8%"><b>BRAZIL:</b>&nbsp;&nbsp;Brazil has, in recent history, experienced substantial economic instability resulting from, among other things, periods of very high inflation and significant devaluations of the Brazilian currency. Brazil also has suffered from chronic structural public sector deficits. Such challenges have contributed to a high degree of price volatility in both the Brazilian equity and foreign currency markets. In addition, the Brazilian economy may be significantly affected by the economies of other Latin American countries. </p><p style="margin-left:8%"><b>RUSSIA:</b>&nbsp;&nbsp;The Fund may be affected unfavorably by political developments, social instability, changes in government policies, and other political and economic developments in Russia. Russian securities markets are substantially smaller, less liquid and more volatile than the securities markets in the United States, with a few issuers representing a large percentage of market capitalization and trading volume. Additionally, financial information on Russian issuers may not be as reliable as U.S. companies because they are not necessarily prepared and audited in accordance with U.S. or Western European generally accepted accounting principles and auditing standards. Because Russia is undergoing a rapid transition from a centrally-controlled command system to a more market-oriented democratic model, the Fund may be affected unfavorably by political developments, social instability, changes in government policies, and other political and economic developments. There is also the potential for unfavorable action such as expropriation, dilution, devaluation, default or excessive taxation by the Russian government or any of its agencies or political subdivisions with respect to investments in Russian securities by or for the benefit of foreign entities. </p><p style="margin-left:8%"><b>INDIA:</b>&nbsp;&nbsp;Certain countries in the India region are either comparatively underdeveloped or in the process of becoming developed. Greater India investments typically involve greater potential for gain or loss than investments in securities of issuers in developed countries. In comparison to the United States and other developed countries, countries in the Indian subcontinent may have relatively unstable governments and economies based on only a few industries. The Fund may be more sensitive to changes in the economies of such countries (such as reversals of economic liberalization, political unrest or changes in trading status). Ethnic and religious tensions could result in economic or social instability in India. Additionally, investing in India involves risk of loss due to expropriation, nationalization, confiscation of assets and property or the abrupt imposition of restrictions on foreign investments and repatriation of capital already invested. </p><p style="margin-left:8%"><b>CHINA:</b>&nbsp;&nbsp;The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China&#8217;s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China&#8217;s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. </p><p style="margin-left:4%"><b>ENERGY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that was more diversified. Energy companies develop and produce oil, gas and consumable fuels and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies. Weak demand for energy companies&#8217; products or services or for energy products and services in general, as well as negative developments in these other areas, including natural disasters or terrorist attacks, would adversely impact the Fund&#8217;s performance. </p><p style="margin-left:4%"><b>FINANCIAL SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that was more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. In addition, the recent deterioration of the credit markets generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITS). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. </p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 39.61% (Q2 2009)<br/> Lowest Quarterly Return: -34.81% (Q4 2008)</p><div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPREMERGINGEUROPEETF column period compact * ~</div>
<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)http://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp; The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.07<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPREMERGINGEUROPEETF column period compact * ~</div>
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>FUND PERFORMANCE </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPREMERGINGEUROPEETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPREMERGINGEUROPEETF column period compact * ~</div>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at <br/>http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.-0.50471.05140.1578-0.20970.0926http://www.spdrs.com<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Markets ETF</b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P Emerging Markets ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Emerging BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). Swaps, options and futures contracts may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows.<br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging markets. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. The Index is rebalanced quarterly. Countries covered in the Index have historically included, among others, Brazil, Chile, China, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. As of December 31, 2012, the Index was comprised of 2,499 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>DERIVATIVES RISK:</b>&nbsp;&nbsp;A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). The Fund may invest in swaps, options and futures contracts. Swaps are contracts in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset in return for payments based on the return of a different specified rate, index or asset. Options involve the payment or receipt of a premium by an investor and the corresponding right or obligation to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund&#8217;s losses may be greater if it invests in derivatives than if it invests only in conventional securities.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 35.63% (Q2 2009)<br/>Lowest Quarterly Return: -26.84% (Q4 2008)</p><b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Highest Quarterly Return:Lowest Quarterly Return:0.3563-0.26842009-06-302008-12-310.0059000.0059601893297380.1680.16530.11470.1882-0.0057-0.0093-0.0054-0.00570.05640.05210.04780.0585<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Markets Dividend ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P Emerging Markets Dividend ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks dividend paying securities of publicly-traded companies in emerging markets.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0059000.0059<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:60189329738<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 134% of the average value of its portfolio.1.34<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Emerging Markets Dividend Opportunities Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;) generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index, or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). Swaps, options and futures contracts may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows. <br /><br />The Index is comprised of 100 of the highest yielding emerging markets stocks, based on market capitalization, in the S&amp;P Dividend Opportunities family of indices (excluding the S&amp;P/CITIC China A-Share Dividend Opportunities Index) that meet certain investability requirements. The S&amp;P Dividend Opportunities family is comprised of the following five indices: the S&amp;P Global Dividend Opportunities Index; the S&amp;P International Dividend Opportunities Index; the S&amp;P Pan Asia Dividend Opportunities Index; the S&amp;P Europe Dividend Opportunities Index and the S&amp;P/CITIC China A-Share Dividend Opportunities Index. The Index includes publicly traded companies with market capitalizations of at least U.S.$1 billion, float-adjusted market cap of US$300 million and three-month average daily value traded above the liquidity threshold of U.S.$1 million as of the rebalancing reference date. The stocks must be listed on the primary exchanges of those countries included in the S&amp;P/IFCI. In the event that a stock from an eligible country is listed on the local and the developed market exchanges, the preference will be given to a more liquid listing. Stocks passing these criteria form the investible universe and are then subject to screening for two stability factors, earnings growth and profitability. Stocks must have a positive, cumulative three-year earnings growth and stocks must be profitable, as measured by positive earning per share before extraordinary items, over the latest 12-month period as of the rebalancing reference date. The Index is rebalanced after the US market close on the third Friday of January. In addition, S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P Dow Jones&#8221; or &#8220;Index Provider&#8221;) is introducing a semi-annual review, effective on the third Friday of July. The results of the review may result in an update to the weights of the constituents to comply with the index weighting requirements. No single country or sector can have more than 25% weight in the Index and no single stock can have a weight of more than 3% in the Index. Countries covered in the Index have historically included, among others: Brazil, Chile, China, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. As of December 31, 2012, the Index was comprised of 99 securities. <br /><br />The Index is sponsored by S&amp;P Dow Jones, which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.comThe following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.0.11This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.-0.50860.77020.1813-0.19040.168As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements, and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>DERIVATIVES RISK:</b>&nbsp;&nbsp;A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). The Fund may invest in swaps, options and futures contracts. Swaps are contracts in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset in return for payments based on the return of a different specified rate, index or asset. Options involve the payment or receipt of a premium by an investor and the corresponding right or obligation to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity or security at a specified future time and at a specified price. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund&#8217;s losses may be greater if it invests in derivatives than if it invests only in conventional securities.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.2007-03-202007-03-202007-03-202007-03-20<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance for the most recent calendar year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.http://www.spdrs.comThe following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance for the most recent calendar year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.0545<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 8.64% (Q1 2012)<br/>Lowest Quarterly Return: -10.14% (Q2 2012)</p>Highest Quarterly Return:2012-03-310.0864Lowest Quarterly Return:2012-06-30-0.1014<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)0.05450.04310.04360.060.01720.00370.00920.0409The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.2011-02-232011-02-232011-02-232011-02-23This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSPREmergingMarketsDividendETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSPREmergingMarketsDividendETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSPREmergingMarketsDividendETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSPREmergingMarketsDividendETF column period compact * ~</div>
The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Middle East &amp; Africa ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P Emerging Middle East &amp; Africa ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Middle Eastern and African emerging markets.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0059000.0059<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:60189329738<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio.0.07<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Mid-East &amp; Africa BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br /><br />The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Middle Eastern and African markets. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Each individual stock is capped at a maximum of 24% of index weight and changes in capping are monitored on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Egypt, Morocco and South Africa. As of December 31, 2012, the Index was comprised of 182 securities. <br /><br />The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>MIDDLE EAST AND AFRICA:</b>&nbsp;&nbsp;Certain Middle Eastern/African markets are in only the earliest stages of development. As a result, there may be a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Brokers in Middle Eastern/African countries typically are fewer in number and less well capitalized than brokers in the United States. In addition, the political and legal systems in Middle Eastern/African countries may have an adverse impact on the Fund.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.com-0.3680.52190.2809-0.17350.1927<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 28.46% (Q2 2009) <br/>Lowest Quarterly Return: -18.52% (Q4 2008)</p>Highest Quarterly Return:2009-06-300.2846Lowest Quarterly Return:2008-12-31-0.1852<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.19270.18810.13280.19570.03970.03550.03370.04330.06790.06350.05830.07762007-03-202007-03-202007-03-202007-03-20<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSPREMERGINGMIDDLEEASTAFRICAETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSPREMERGINGMIDDLEEASTAFRICAETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSPREMERGINGMIDDLEEASTAFRICAETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSPREMERGINGMIDDLEEASTAFRICAETF column period compact * ~</div>
<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 35.79% (Q2 2009) <br/>Lowest Quarterly Return: -31.84% (Q3 2008)</p>Highest Quarterly Return:2009-06-300.3579Lowest Quarterly Return:2008-09-30-0.3184-0.55020.81180.1041-0.17790.1265<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b><a name="toc458880_15"></a>SPDR<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> S&amp;P<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> International Small Cap ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Small Cap ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) small cap equity markets.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.12650.1250.0899-0.0358-0.0372-0.02880.02110.01960.01932007-06-192007-06-192007-06-19<b>SPDR<sup>&#174;</sup> Dow Jones International Real Estate ETF</b><div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)FTSE/MACQUARIEGLOBALINFRASTRUCTURE100ETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)FTSE/MACQUARIEGLOBALINFRASTRUCTURE100ETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)FTSE/MACQUARIEGLOBALINFRASTRUCTURE100ETF column period compact * ~</div><b>INVESTMENT OBJECTIVE</b>The SPDR Dow Jones International Real Estate ETF (the &#8220;Fund&#8221;) seeks to provide investment results, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b><b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.0059000.0059<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)MSCIEM50ETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)MSCIEM50ETF column period compact * ~</div><b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>60189329738<b>SPDR<sup>&#174;</sup> MSCI EM 50 ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR MSCI EM 50 ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly-traded companies in emerging markets.In seeking to track the performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">sm</sup> (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA FM). <br/><br/>The Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in countries excluding the United States. The Index&#8217;s composition is reviewed quarterly. The Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate. The Index includes equity Real Estate Investment Trusts (&#8220;REITs&#8221;) and real estate operating companies (&#8220;REOCs&#8221;) that meet the following criteria: (i) the company must be both an equity owner and operator of commercial and/or residential real estate (security types excluded from these indexes include mortgage REITs, netlease REITs, real estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and real estate agents, home builders, large landowners and subdividers of unimproved land, hybrid REITs, and timber REITs, as well as companies that have more than 25% of their assets in direct mortgage investments); (ii) the company must have a minimum total market capitalization of at least $200 million at the time of its inclusion; (iii) at least 75% of the company&#8217;s total revenue must be derived from the ownership and operation of real estate assets; and (iv) the liquidity of the company&#8217;s stock must be commensurate with that of other institutionally held real estate securities. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, New Zealand, Singapore, South Africa, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 124 securities. <br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES</b> (expenses that you pay each year as a percentage of the value of your investment):<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>0.005000.005<b>EXAMPLE: </b>0.1359-0.0307This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.02652007-06-19<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Global Natural Resources ETF </b><b>INVESTMENT OBJECTIVE</b>51160280628<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period from the commencement of the Fund&#8217;s operations (February 27, 2012) to the end of the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 4% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> World ex-US ETF </b>In seeking to track the performance of the MSCI EM 50 Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies), cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is a free float-adjusted market capitalization weighted index comprised of 50 of the largest constituents held in the broader MSCI Emerging Markets Index (the &#8220;Parent Index&#8221;). The selection universe of the Index is based on the constituent securities of the Parent Index except for Brazil, India, Mexico and Russia. For these four markets the selection universe is limited to depositary receipts. To be included in the Index, securities must meet specific eligibility screens. In particular, securities must have 3-month and 12-month Annualized Traded Value Ratios (&#8220;ATVR&#8221;) of at least 15% and a 3-month frequency of trading of at least 80% (ATVR is a measure of a security&#8217;s trading volume divided by its float-adjusted market capitalization). In order to minimize the number of countries and currencies in the Index, only countries with more than three percent weight in the Parent Index are included. Among the remaining countries, only countries with two or more securities ranking in the top 50 companies by free-float adjusted market capitalization are included. After applying the eligibility screens, the remaining securities are ranked by free-float adjusted market capitalization in descending order and the largest 50 securities are identified to construct the Index. Real estate investment trusts and China B shares are not eligible for the Index. The composition of the Index is fully reviewed on a quarterly basis and changes are implemented at the end of February, May, August and November. Countries covered in the Index have historically included, among others: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. As of December 31, 2012, the Index was comprised of 50 securities.<br/><br/>The Index is sponsored by Morgan Stanley Capital International Inc. (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P World ex-US ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) equity markets.<b>FEES AND EXPENSES OF THE FUND</b><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>The SPDR S&amp;P Global Natural Resources ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded companies in natural resources and/or commodities businesses.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>REAL ESTATE SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that was more diversified. Adverse economic, business or political developments affecting real estate could have a major effect on the value of the Fund&#8217;s investments. Investing in real estate securities (which include REITs) may subject the Fund to risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental income. Changes in interest rates may also affect the value of the Fund&#8217;s investment in real estate securities. Certain real estate securities have a relatively small market capitalization, which may tend to increase the volatility of the market price of these securities. Real estate securities are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers. In addition, a REIT could fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended and could fail to maintain exemption from the registration requirements of the Investment Company Act of 1940, as amended.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b></b><b>FUND PERFORMANCE </b><b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>FEES AND EXPENSES OF THE FUND </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.0.0034000.0034<b>SPDR<sup>&#174;</sup> FTSE/Macquarie Global Infrastructure 100 ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR FTSE/Macquarie Global Infrastructure 100 ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global infrastructure industry market.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.In seeking to track the performance of the Macquarie Global Infrastructure 100 Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br /><br />The Index is a float-adjusted market capitalization weighted index calculated by FTSE that is designed to measure the stock performance of companies within the infrastructure industry, principally those engaged in management, ownership and operation of infrastructure and utility assets. The Index&#8217;s composition is reviewed semi-annually. The Index is a subset of the broader Macquarie Global Infrastructure Index (&#8220;MGII&#8221;), which is based on 255 stocks within the following subsectors: Pipelines; Transportation Services; Electricity; Gas Distribution; Multi-Utilities; Water; and Telecommunications Equipment. The Index includes a country screen allowing only MGII constituents in the FTSE developed and FTSE Advanced Emerging regions. Eligible countries from the MGII are then re-ranked by investable market with the top 100 being included in the index. Countries covered in the Index have historically included, among others, Australia, Brazil, Canada, Finland, France, Germany, Hong Kong, Italy, Japan, Portugal, South Korea, Spain, the United Kingdom and the United States. As of December 31, 2012, the Index was comprised of 100 securities. <br /><br />The Index is sponsored by FTSE (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>EXAMPLE:</b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>UTILITIES SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the utilities sector, which means the Fund will be more affected by the performance of the utilities sector than a fund that was more diversified. Stock prices for companies in the utilities sector are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, rate caps or rate changes. Although rate changes of a utility usually fluctuate in approximate correlation with financing costs due to political and regulatory factors, rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company&#8217;s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company&#8217;s equipment unusable or obsolete and negatively impact profitability.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.0059<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0<b>FUND PERFORMANCE </b>0.004As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.350<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 32.89% (Q2 2009)<br/> Lowest Quarterly Return: -28.94% (Q4 2008)</p>1090<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s returns based on net assets and comparing the Fund&#8217;s performance to the Index.<b>FUND PERFORMANCE </b>0191The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.4310.00590.004<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.comThe after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. Investment performance through December 31, 2012 is attributable to an affiliated investment sub-adviser of the Fund. Effective January 1, 2013, SSgA FM assumed direct management of the Fund.<b>EXAMPLE: </b><b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<b>EXAMPLE: </b><b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 14.76% (Q2 2009)</p><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Lowest Quarterly Return: -18.17% (Q3 2008)</p><b>PORTFOLIO TURNOVER:</b>Highest Quarterly Return:This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.1476The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 8% of the average value of its portfolio.2009-06-30Lowest Quarterly Return:-0.1817This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:2008-09-30<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>0.00590In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in developed countries outside the United States. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 4,580 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.00.0441-0.31520.0059<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>0.01110.0009As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0.0342128224505<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.60The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history.189329738The SPDR S&amp;P International Dividend ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields.<b>FEES AND EXPENSES OF THE FUND </b>60189This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio.329<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):7380.180.36340.33320.23680.3773<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>00As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0.0045<b>FUND PERFORMANCE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.-0.0085-0.0246-0.016-0.0052<b>PORTFOLIO TURNOVER: </b>0.0342The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 2% of the average value of its portfolio.0.02740.0270.0463-0.0502-0.0378-0.0362<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)-0.0043-0.0099-0.0042<b>EXAMPLE:</b>0.0044This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Global Natural Resources Index (the &#8220;Index&#8221;), the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund).<br/><br/>The Index is comprised of 90 of the largest U.S. and foreign publicly traded companies, based on market capitalization, in natural resources and commodities businesses (as defined below) that meet certain investability requirements. The Index component securities represent a combination of the component securities included in each of the following three sub-indices: the S&amp;P Global Natural Resources &#8212; Agriculture Index, the S&amp;P Global Natural Resources &#8212; Energy Index and the S&amp;P Global Natural Resources &#8212; Metals and Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of the Index. Membership in the Index is based on industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup>&#174;</sup>&#8221;). Companies in natural resources and commodities businesses include those significantly engaged, directly or indirectly, in the following industries: agricultural, forest and paper products; fertilizers and agricultural chemicals; paper packaging; timber real estate investment trusts (&#8220;REITs&#8221;); integrated oil and gas; oil and gas drilling; oil and gas exploration and production; oil and gas refining and marketing; coal and consumable fuels; diversified metals and mining; steel; aluminum; gold; and precious metals and minerals. The Index includes publicly traded companies with stock traded on a developed market exchange, float-adjusted market capitalizations of a minimum of $1 billion and at least $5 million three-month average daily trading values. The Index uses a &#8220;modified market capitalization&#8221; weighting scheme, which means that modifications are made to the market capitalization weights, if required, to conform to Internal Revenue Code requirements and reduce single stock concentration. All Index constituents are weighted proportionate to their float-adjusted market capitalization within each sub-index and are capped so that no stock exceeds 5% of the Index. Exposure to U.S. issuers is limited to 40% of the Index, and exposure to emerging markets is limited to 15% of the Index. Market capitalization and liquidity criteria are subject to change on an annual basis according to market conditions. The Index is rebalanced quarterly. The Index is &#8220;float-adjusted,&#8221; meaning that only those shares publicly available to investors are included in the index calculation. Countries covered in the Index have historically included, among others, Australia, Brazil, Canada, Chile, China, Denmark, Finland, France, Germany, Hong Kong, India, Italy, Japan, Luxembourg, Netherlands, Norway, Peru, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, United Kingdom and the United States. As of December 31, 2012, the Index was comprised of 89 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.461442520.1690.16420.11425670.1743-0.0289-0.0331In seeking to track the performance of the S&amp;P Developed Ex-U.S. under USD2 Billion Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded small-cap companies domiciled in developed countries outside the United States. The Index component securities are a subset, based on market capitalization and region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. To be included in the Index, a publicly listed company must have a total market capitalization between $100 million and $2 billion, and be located in a country that meets the BMI Developed World Series criteria. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 3,151 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.-0.0254-0.0242-0.0123-0.0259-0.0171-0.0079<b>PORTFOLIO TURNOVER: </b>-0.0213-0.0254The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 127% of the average value of its portfolio.-0.0188-0.0163<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>2007-04-202007-04-202007-04-202007-04-201.27<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>-0.0446<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><b><a name="toc458880_23"></a>SPDR<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Russell/Nomura Small Cap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"><small>TM</small></sup><small></small> Japan ETF </b>In seeking to track the performance of the S&amp;P International Dividend Opportunities<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to measure the performance of the approximate 100 highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&amp;P Global BMI (Broad Market Index). The Index is reconstituted annually. To be included in the Index, stocks must meet, as of the reference date (the last trading date of June and December), the following investability criteria: a total market capitalization greater than $1.5 billion; a three-month average daily value traded greater than $5 million; and at least 300,000 shares traded monthly for each of the preceding six months. Additionally, stocks must meet the following stability factor: positive 5-year earnings growth and profitability, as measured by positive earning per share. To ensure diverse exposure, no single country or sector has more than 25% weight in the Index and emerging market exposure is limited to 10% at rebalancing. Common stocks of companies domiciled in the United States, derivatives, structured products, over-the-counter listings, mutual funds and exchange traded funds are not eligible for inclusion in the Index. The market capitalization and liquidity thresholds are subject to change according to market conditions. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Brazil, Canada, China, the Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Hungary, Israel, Italy, Japan, Luxembourg, Mexico, the Netherlands, Norway, Philippines, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey and the United Kingdom. As of December 31, 2012, the Index was comprised of 99 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><b>INVESTMENT OBJECTIVE</b>The SPDR Russell/Nomura Small Cap Japan ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese small cap equity market.<b>FEES AND EXPENSES OF THE FUND</b>-0.0691The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.-0.5112The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.3867Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.2077-0.1415The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.36340.1106This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>SMALL CAP RISK:</b>&nbsp;&nbsp;Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0.11<b>ANNUAL FUND OPERATING EXPENSES</b> (expenses that you pay each year as a percentage of the value of your investment):As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b><b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Dividend ETF </b><b>INVESTMENT OBJECTIVE</b>0.0055As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.0As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.00.0055<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRBRIC40ETF column period compact * ~</div>
<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRBRIC40ETF column period compact * ~</div>
<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRBRIC40ETFBarChart column period compact * ~</div>
http://www.spdrs.com<b>EXAMPLE:</b>-0.42830.3334This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.1045<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRBRIC40ETF column period compact * ~</div>
<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)-0.12240.16956176http://www.spdrs.com0.6545Highest Quarterly Return:0.071307-0.11350.086689As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#146;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements, and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>AGRICULTURE SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the agricultural sector, which means the Fund will be more affected by the performance of the agricultural sector than a fund that was more diversified. Economic forces, including forces affecting agricultural markets, as well as government policies and regulations affecting the agricultural sector and related industries, could adversely affect the Fund&#8217;s investments. Agricultural and livestock production and trade flows are significantly affected by government policies and regulations. Governmental policies affecting the agricultural sector, such as taxes, tariffs, duties, subsidies and import and export restrictions on agricultural commodities, commodity products and livestock, can influence industry profitability, the planting/raising of certain crops/livestock versus other uses of resources, the location and size of crop and livestock production, whether unprocessed or processed commodity products are traded and the volume and types of imports and exports. In addition, the Fund&#8217;s portfolio companies must comply with a broad range of environmental laws and regulations. Additional or more stringent environmental laws and regulations may be enacted in the future and such changes could have a material adverse effect on the business of the Fund&#8217;s portfolio companies. In addition, agricultural and livestock businesses may be significantly affected by adverse weather, pollution and/or disease which could limit or halt production.</p><p style="margin-left:4%"><b>ENERGY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that was more diversified. Energy companies develop and produce oil, gas and consumable fuels and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies. Weak demand for energy companies&#8217; products or services or for energy products and services in general, as well as negative developments in these other areas, including natural disasters or terrorist attacks, would adversely impact the Fund&#8217;s performance.</p><p style="margin-left:4%"><b>METALS AND MINING SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will generally be concentrated in the metals and mining sector, which means the Fund will be more affected by the performance of the metals and mining sector than a fund that was more diversified. The metals and mining sector can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>Highest Quarterly Return:2009-06-30<b>PORTFOLIO TURNOVER:</b>0.3289Lowest Quarterly Return:2008-12-31-0.2894As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 22% of the average value of its portfolio.2006-12-152006-12-152006-12-152006-12-15<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 42.67% (Q2 2009)<br/>Lowest Quarterly Return: -21.39% (Q3 2011)</p>Lowest Quarterly Return:2009-06-302008-09-30<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY</b>0.2535<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.-0.2085Highest Quarterly Return:The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.2009-06-300.4267Lowest Quarterly Return:2011-09-30-0.2139In seeking to track the performance of the Russell/Nomura Japan Small Cap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"><small>TM</small></sup><small></small> Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the smallest 15% of stocks, in terms of float-adjusted market capitalization, of the Russell/Nomura Total Market<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"><small>TM</small></sup><small></small> Index. The Index includes stocks from a broad universe of Japanese equities. The Index is calculated with or without dividends reinvested, and is denominated in Japanese yen and U.S. dollars. The Index maintains the inclusion of stocks that are tentatively delisted due to mergers or equity transfers, and free-float ratios are adjusted when private placements are made. The Index is reconstituted annually. The Index has growth and value subindexes. As of December 31, 2012, the Index was comprised of 1,150 securities.<br/><br/>The Index is sponsored by Russell Investment Group (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b>http://www.spdrs.com<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.08This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)DowJonesInternationalRealEstateETF column period compact * ~</div>
-0.45450.41470.2444-0.1563<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.1572<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)FTSE/MACQUARIEGLOBALINFRASTRUCTURE100ETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)DowJonesInternationalRealEstateETF column period compact * ~</div>
<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):-0.15310.0639<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)DowJonesInternationalRealEstateETFBarChart column period compact * ~</div>
<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 32.81% (Q2 2009)</p><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Lowest Quarterly Return: -22.87% (Q3 2008)</p><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)DowJonesInternationalRealEstateETF column period compact * ~</div>
This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 7.59% (Q4 2011)<br/> Lowest Quarterly Return: -22.69% (Q3 2011)</p>Highest Quarterly Return:0.32812009-06-30Lowest Quarterly Return:-0.22872008-09-30Highest Quarterly Return:2011-12-310.0759Lowest Quarterly Return:2011-09-30-0.2269<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)MSCIACWIEX-USETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)MSCIACWIEX-USETF column period compact * ~</div>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>SMALL CAP RISK:</b>&nbsp;&nbsp;Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>JAPAN:</b>&nbsp;&nbsp;The growth of Japan&#8217;s economy has historically lagged that of its Asian neighbors and other major developed economies. The Japanese economy is heavily dependent on international trade and has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. China has become an important trading partner with Japan, yet the countries&#8217; political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Japan also remains heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the economy.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0.10690.1531-0.0114-0.0175<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)-0.0137-0.0205The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.com<b>SPDR<sup>&#174;</sup> Russell/Nomura PRIME<sup >&#8482;</sup> Japan ETF </b>This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>INVESTMENT OBJECTIVE</b>0.1The SPDR Russell/Nomura PRIME Japan ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Japanese equity market.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>FEES AND EXPENSES OF THE FUND </b>The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.005000.005<b>FUND PERFORMANCE</b>The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:51160The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.2800.06390.06070.04540.07150.02680.02440.0230.0331628<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRWorldexUSETF column period compact * ~</div>
<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 1% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRWorldexUSETF column period compact * ~</div>
2007-01-252007-01-252007-01-252007-01-25<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRWorldexUSETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRWorldexUSETF column period compact * ~</div>
-0.17850.05090.1959-0.0280.0324In seeking to track the performance of the Russell/Nomura PRIME<sup></sup><sup>&#8482;</sup> Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the 1,000 largest stocks in terms of float-adjusted market capitalization included in the Russell/Nomura Total Market<sup>&#8482;</sup> Index. The Index includes stocks from a broad universe of Japanese equities. The Index employs a &#8220;banding&#8221; method at reconstitution in order to control the frequent replacement caused by small fluctuations of market capitalization.<br/><br/>A &#8220;negative list&#8221; method is also used to help prevent the inclusion of stocks of especially low liquidity. The Index is calculated with dividends reinvested, and is denominated in Japanese yen and U.S. dollars. The Index is calculated based on the share price for each stock on its primary exchange. The Index maintains the inclusion of stocks that are tentatively delisted due to mergers or equity transfers, and free-float ratios are adjusted when private placements are made. The Index is reconstituted annually. As of December 31, 2012, the Index was comprised of 1,000 securities. <br/><br/>The Index is sponsored by Russell Investment Group (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>SPDR<sup>&#174;</sup> MSCI ACWI ex-US ETF </b>2010-09-132010-09-132010-09-132010-09-13-0.1157<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 25.35% (Q2 2009)<br/> Lowest Quarterly Return: -20.85% (Q3 2008)</p>0.15720.1511<b>INVESTMENT OBJECTIVE</b>-0.0128-0.0164The SPDR MSCI ACWI ex-US ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon broad based world (ex-US) equity markets.<b>FEES AND EXPENSES OF THE FUND </b><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.-0.0151-0.0193This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0034000.0034This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>GEOGRAPHIC RISK:</b>&nbsp;&nbsp;Funds that are less diversified across countries or geographic regions are generally riskier than more geographically diversified funds. For example, a Fund that focuses on a single country (e.g., China or Japan), or a specific region (e.g., the Middle East or African countries) is more exposed to that country&#8217;s or region&#8217;s economic cycles, currency exchange rates, stock market valuations and political risks compared with a more geographically diversified fund. The economies and financial markets of certain regions, such as Latin America, Asia or Eastern Europe, can be interdependent and may decline all at the same time.</p><p style="margin-left:8%"><b>JAPAN:</b>&nbsp;&nbsp;The growth of Japan&#8217;s economy has historically lagged that of its Asian neighbors and other major developed economies. The Japanese economy is heavily dependent on international trade and has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of its trading partners. China has become an important trading partner with Japan, yet the countries&#8217; political relationship has become strained. Should political tension increase, it could adversely affect the economy, especially the export sector, and destabilize the region as a whole. Japan also remains heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the economy.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>35109191431<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 8% of the average value of its portfolio.0.08<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>FUND PERFORMANCE </b><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 26.38% (Q2 2009)<br/> Lowest Quarterly Return: -15.59% (Q3 2008)</p>In seeking to track the performance of the MSCI All Country World Index ex USA (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br/><br/>The Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. The Index&#8217;s composition is reviewed quarterly. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Mexico, the Netherlands, Norway, Poland, Portugal, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey and the United Kingdom. As of December 31, 2012, the Index was comprised of 1,827 securities. <br/><br/>The Index is sponsored by Morgan Stanley Capital International Inc. (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.0.00450-0.0502<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)0<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRGlobalNaturalResourcesETFGNR column period compact * ~</div>
-0.27480.00450.04260.1571-0.1320.064The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.46144252567<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRGlobalNaturalResourcesETFGNR column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRInternationalDividendETF column period compact * ~</div>
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. </p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. </p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries. </p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative. </p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities. </p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.Highest Quarterly Return:2009-06-300.2255Lowest Quarterly Return:2008-09-30<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRInternationalDividendETF column period compact * ~</div>
-0.1749This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRGlobalNaturalResourcesETFGNRBarChart column period compact * ~</div>
<b>NON-DIVERSIFICATION RISK:</b> &nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>FUND PERFORMANCE </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRInternationalDividendETFBarChart column period compact * ~</div>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRGlobalNaturalResourcesETFGNR column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRInternationalDividendETF column period compact * ~</div>
http://www.spdrs.com<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)-0.44290.4207<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 22.55% (Q2 2009)<br/> Lowest Quarterly Return: -17.49% (Q3 2008)</p>0.1057-0.13520.1585<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> Emerging Markets Small Cap ETF </b><b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)0.16920.12050.1712<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 28.10% (Q2 2009) <br/>Lowest Quarterly Return: -21.56% (Q4 2008)</p>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.-0.0142-0.0081-0.0016<b>INVESTMENT OBJECTIVE<b>The SPDR S&amp;P Emerging Markets Small Cap ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries.<b>FEES AND EXPENSES OF THE FUND </b>0.0640.06070.0451-0.0417-0.0443This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.-0.0347-0.0343-0.0367-0.0278<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b><b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 22% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>Highest Quarterly Return:2009-06-300.281In seeking to track the performance of the S&amp;P<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Emerging Markets Under USD2 Billion Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br/><br/> The Index is a float-adjusted market capitalization weighted index designed to represent the small capitalization segment of emerging countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. The Index is reconstituted annually. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. To be included in the Index, a publicly listed company must have a total market capitalization between $100 million and $2 billion, and be located in a country that does not meet the BMI Developed World Series criteria. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Countries covered in the Index have historically included, among others, Brazil, Chile, China, the Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. As of December 31, 2012, the Index was comprised of 1,703 securities. <br/><br/> The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>Lowest Quarterly Return:2008-12-31-0.2156<b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Mid Cap ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the mid capitalization segment of global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>EXAMPLE: </b>-0.0334-0.02850.07422006-11-092006-11-092006-11-092006-11-090.03240.03060.0263<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)0.05780.00710.0052The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.00670.0182The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.-0.0073-0.0091-0.00560.00052006-11-092006-11-092006-11-092006-11-09This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.01Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.0.22As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Consumer Discretionary Sector ETF</b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"> <b>SMALL CAP RISK:</b>&nbsp;&nbsp;Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies.</p><p style="margin-left:4%"> <b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"> <b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"> <b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Consumer Discretionary Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer discretionary sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)http://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b></b>Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.005000.005The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 46.01% (Q2 2009)<br/>Lowest Quarterly Return: -24.32% (Q3 2011)</p><b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)<b>EXAMPLE:</b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:51160The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.280628The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>PORTFOLIO TURNOVER:</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio.0.0065<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>0-0.004700.00650.177In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. consumer discretionary sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Finland, France, Germany, Hong Kong, Italy, Japan, Luxembourg, the Netherlands, Norway, Singapore, South Korea, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 779 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b>http://www.spdrs.com66208362810As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>CONSUMER DISCRETIONARY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that was more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.24220.23510.16020.26180.0027-0.0043-0.00070.0306<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)<b>SPDR<sup>&#174;</sup> <b>S&P<sup>&#174;</sup> International Consumer Staples Sector ETF </b>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.35890.2269<b>INVESTMENT OBJECTIVE</b>0.42320.2043-0.1254The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28% of the average value of its portfolio.0.2463<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. between USD2 Billion and USD5 Billion Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br /><br />The Index is a float-adjusted market capitalization weighted index that is designed to represent the mid capitalization segment of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. The Index is reconstituted annually. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. To be included in the Index, a publicly listed company must have a total market capitalization between $2 billion and $5 billion, and be located in a country that meets the BMI Developed World Series criteria. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 652 securities.<br /><br />The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.The SPDR S&amp;P International Consumer Staples Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer staples sector of developed global markets outside the United States.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>MID CAP RISK:</b>&nbsp;&nbsp;Mid-sized companies may be more volatile and more likely than large-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of mid-size companies could trail the returns on investments in stocks of larger or smaller companies.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.24630.24510.1680.24260.00500.06090.05960.05420.059702008-07-162008-07-16The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.2008-07-162008-07-160.005<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:2008-05-122008-05-12512008-05-122008-05-121602806280.0860.07160.06480.0932-0.0219-0.0323-0.0206-0.0138<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio.2008-02-122008-02-122008-02-122008-02-12<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Consumer Staples Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. consumer staples sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the Netherlands, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 296 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>0.15850.1528As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp; The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.<br/><br/><b>INDEX TRACKING RISK:</b>&nbsp; While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.<br/><br/><b>EQUITY INVESTING RISK:</b>&nbsp; An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.<br/><br/><b>FOREIGN INVESTMENT RISK:</b>&nbsp; Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.<br/><br/><b>CONSUMER STAPLES SECTOR RISK:</b>&nbsp; The Fund&#8217;s assets will be concentrated in the consumer staples sector, which means the Fund will be more affected by the performance of the consumer staples sector than a fund that was more diversified. Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies&#8217; performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal products companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand.<br/><br/><b>NON-DIVERSIFICATION RISK:</b>&nbsp; The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0.11020.1739-0.0259-0.0292-0.0217<b>FUND PERFORMANCE </b>-0.0244The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.0.00660.0030.00550.0104<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.29721.00560.11950.22660.03940.1581-0.29230.2422<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.15810.15580.11010.17960.08320.0810.07290.0976Highest Quarterly Return:2009-06-300.2028Lowest Quarterly Return:2009-03-31-0.13470.22This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 20.28% (Q2 2009)<br/>Lowest Quarterly Return: -13.47% (Q1 2009)</p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.http://www.spdrs.com2008-07-162008-07-162008-07-162008-07-16Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.0045The following bar chart and table provide an indication of the risks of investing in the Fund by showing the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)RUSSELL/NOMURASMALLCAP(TM)JAPANETF column period compact * ~</div>
This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.Highest Quarterly Return:2009-06-300.070.4601Lowest Quarterly Return:2011-09-30-0.2432As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b> &nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.comThe following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)RUSSELL/NOMURASMALLCAP(TM)JAPANETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)RUSSELL/NOMURAPRIME(TM)JAPANETF column period compact * ~</div>
The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.0.28The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)RUSSELL/NOMURAPRIME(TM)JAPANETF column period compact * ~</div>
2008-05-07The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.2008-05-072008-05-072008-05-07<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)RUSSELL/NOMURAPRIME(TM)JAPANETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDR(R)RUSSELL/NOMURASMALLCAP(TM)JAPANETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)RUSSELL/NOMURAPRIME(TM)JAPANETF column period compact * ~</div>
0.05<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)RUSSELL/NOMURASMALLCAP(TM)JAPANETF column period compact * ~</div>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.http://www.spdrs.comhttp://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>FUND PERFORMANCE </b>Highest Quarterly Return:Lowest Quarterly Return:<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):2009-06-302011-09-300.2735-0.1935The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 27.73% (Q2 2009)<br/> Lowest Quarterly Return: -18.68% (Q3 2011)</p>Highest Quarterly Return:2009-06-300.2773Lowest Quarterly Return:2011-09-30-0.1868-0.13650.1772007-01-10<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPREMERGINGMARKETSETF column period compact * ~</div>
2007-01-102007-01-102007-01-10<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSAndPREMERGINGMARKETSETF column period compact * ~</div>
<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSAndPREMERGINGMARKETSETFBarChart column period compact * ~</div>
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Highest Quarterly Return:<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRINTERNATIONALMIDCAPETF column period compact * ~</div>
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2009-06-300.2638Lowest Quarterly Return:2008-09-30-0.1559<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRInternationalConsumerDiscretionarySectorETF column period compact * ~</div>
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<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 27.35% (Q2 2009)<br/> Lowest Quarterly Return: -19.35% (Q3 2011)</p><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSAndPREMERGINGMARKETSSMALLCAPETF column period compact * ~</div>
This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b> The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)<b>SPDR<sup>&#174;</sup> MSCI ACWI IMI ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR MSCI ACWI IMI ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly-traded companies in developed and emerging markets.<b>FEES AND EXPENSES OF THE FUND </b>2007-04-202007-04-20This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.0025000.00252007-04-20<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:2680141318<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period from the commencement of the Fund&#8217;s operations (February 27, 2012) to the end of the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was less than 0.5% of the average value of its portfolio.0.005<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the MSCI ACWI IMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies), cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br/><br/>The Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 98% of the global equity markets. To be eligible for inclusion in the Index, a security and its issuing company must meet certain size and capitalization requirements. In particular: (i) a company must have a full market capitalization within the range of the top 99% of the developed market equity universe, based on free-float adjusted market capitalization (for emerging market companies, the required full market capitalization is set at one half the corresponding level for developed market companies); and (ii) a security must have a free-float adjusted market capitalization equal to or greater than 50% of the smallest company identified above. In addition, the following liquidity requirements must be met: (i) developed market securities must have a three-month and twelve-month Annualized Traded Value Ratio (&#8220;ATVR&#8221;) of at least 20% and a three-month frequency of trading of at least 90% (ATVR is a measure of a security&#8217;s trading volume divided by its float-adjusted market capitalization) and (ii) emerging market securities must have a three-month and twelve-month ATVR of at least 15% and a three-month frequency of trading of at least 80%. Mutual funds (other than business development companies in the United States), ETFs, equity derivatives, limited partnerships, and most investment trusts are not eligible for inclusion in the Index. The composition of the Index is fully reviewed on a quarterly basis. Countries covered in the Index have historically included, among others: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, U.S., Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. As of December 31, 2012, the Index was comprised of 8,511 securities. <br/><br/>The Index is sponsored by Morgan Stanley Capital International Inc. (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPRInternationalSmallCapETF column period compact * ~</div>
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. </p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. </p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries. </p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in the Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative. </p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities. </p>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSAndPRInternationalSmallCapETF column period compact * ~</div>
<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>FUND PERFORMANCE </b>The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund&#8217;s returns based on net assets and comparing the Fund&#8217;s performance to the Index.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSAndPRInternationalSmallCapETFBarChart column period compact * ~</div>
The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSAndPRInternationalSmallCapETF column period compact * ~</div>
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The SPDR S&amp;P Emerging Latin America ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Latin American emerging markets.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.0059000.0059The SPDR S&amp;P International Energy Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the energy sector of developed global markets outside the United States.<b>EXAMPLE: </b><b>FEES AND EXPENSES OF THE FUND </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio.<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Energy Sector ETF </b><b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Latin America BMI Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br /><br />Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br /><br />The Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Latin American markets. The Index component securities are a subset, based on region, of component securities included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the Global Equity Index if it has a float-adjusted market capitalization of $1 billion or more and its market capitalization constitutes at least 40 basis points in either a developed or emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. All stocks are weighted proportionate to their float-adjusted market capitalization and the Index is rebalanced annually. The Index is &#8220;float-adjusted&#8221;, meaning that only those shares publicly available to investors are included in the Index calculation. Countries covered in the Index have historically included, among others, Brazil, Chile, Colombia, Mexico and Peru. As of December 31, 2012, the Index was comprised of 357 securities. <br /><br />The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<br /><br /><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><b>FUND PERFORMANCE </b><b>INVESTMENT OBJECTIVE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 6% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Energy Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. energy sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four- tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Canada, Finland, France, Hong Kong, Italy, Japan, Luxembourg, the Netherlands, Norway, Portugal, Spain and the United Kingdom. As of December 31, 2012, the Index was comprised of 290 securities. <br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK</b>:&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy. </p><p style="margin-left:4%"><b>INDEX TRACKING RISK</b>:&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. </p><p style="margin-left:4%"><b>EQUITY INVESTING RISK</b>:&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK</b>:&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries. </p><p style="margin-left:4%"><b>ENERGY SECTOR RISK</b>:&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that was more diversified. Energy companies in the Index develop and produce oil, gas and consumable fuels and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies. Weak demand for energy companies&#8217; products or services or for energy products and services in general, as well as negative developments in these other areas, including natural disasters or terrorist attacks, would adversely impact the Fund&#8217;s performance. </p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities. </p><b>FUND PERFORMANCE </b><b>ANNUAL TOTAL RETURN </b>(years ended 12/31)<b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.09260.08980.06470.11610.0031-0.00020.00220.0115<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Materials Sector ETF </b><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 22.11% (Q2 2009)<br/> Lowest Quarterly Return: -20.77% (Q3 2011)</p>0.06710.06340.05750.0796<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)<b>INVESTMENT OBJECTIVE</b>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.005000.00551The SPDR S&amp;P International Materials Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the materials sector of developed global markets outside the United States.160280<b>FEES AND EXPENSES OF THE FUND </b>628This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>EXAMPLE:</b>0.00570.00230.01230.0124This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:-0.0251-0.0274-0.0194-0.014760189329<b>PORTFOLIO TURNOVER: </b>738<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Materials Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. materials sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the Netherlands, Norway, Portugal, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 590 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.42110.0488<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.-0.0448<b>ANNUAL TOTAL RETURN </b>(years ended 12/31)0.0057<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 29.25% (Q2 2009)<br/> Lowest Quarterly Return: -25.91% (Q3 2011)</p><b>AVERAGE ANNUAL TOTAL RETURNS </b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.2008-07-162008-07-16<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPREMERGINGLATINAMERICAETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPREMERGINGLATINAMERICAETF column period compact * ~</div>
2008-07-16<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPREMERGINGLATINAMERICAETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPREMERGINGLATINAMERICAETF column period compact * ~</div>
0.06As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK</b>: &nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.comThe after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Financial Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the financial sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b></b>0.005000.005<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:51160280628<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 6% of the average value of its portfolio.0.06<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Financials Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. financial sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 792 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b><b>NON-DIVERSIFICATION RISK</b>:&nbsp; The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.<b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 40.82% (Q2 2009)<br/> Lowest Quarterly Return: -23.18% (Q3 2011)</p>Highest Quarterly Return:2009-06-300.4082Lowest Quarterly Return:2011-09-30-0.23180.41480.0062-0.19980.2974<b>ANNUAL TOTAL RETURN </b>(years ended 12/31)<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.28940.2030.3041-0.0219-0.0261-0.0181-0.01690.2974<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPRInternationalEnergySectorETF column period compact * ~</div>
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<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSAndPRInternationalEnergySectorETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSAndPRInternationalEnergySectorETF column period compact * ~</div>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.Highest Quarterly Return:2009-06-300.2211Lowest Quarterly Return:2011-09-30-0.2077As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<br/><p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK</b>:&nbsp;&nbsp; The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK</b>:&nbsp;&nbsp; While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK</b>:&nbsp;&nbsp; An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK</b>:&nbsp;&nbsp; Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>FINANCIAL SECTOR RISK</b>:&nbsp;&nbsp; The Fund&#8217;s assets will be concentrated in the financial sector, which means the Fund will be more affected by the performance of the financial sector than a fund that was more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. In addition, the recent deterioration of the credit markets generally has caused an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITS). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp; The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDR(R)DowJonesGlobalRealEstateETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDR(R)DowJonesGlobalRealEstateETF column period compact * ~</div><div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDR(R)DowJonesGlobalRealEstateETF column period compact * ~</div>0.005000.00551160280628<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Health Care Sector ETF </b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Health Care Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the health care sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Health Care Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective. <br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). <br/><br/>The Index is designed to represent the non-U.S. health care sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Japan, the Netherlands, New Zealand, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 261 securities. <br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.-0.16482008-07-162008-07-162008-07-162008-07-16As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK</b>:&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"></p><p style="margin-left:4%"><b>INDEX TRACKING RISK</b>:&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK</b>:&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"></p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK</b>:&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>HEALTH CARE SECTOR RISK</b>:&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the health care sector, which means the Fund will be more affected by the performance of the health care sector than a fund that was more diversified. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of the companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN </b>(years ended 12/31)<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 17.36% (Q3 2009)<br/> Lowest Quarterly Return: -14.66% (Q1 2009)</p><b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.005000.005511602806280.18290.04930.04480.1774<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Technology Sector ETF</b><b>INVESTMENT OBJECTIVE</b>The SPDR S&amp;P International Technology Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the technology sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND </b><b>SPDR<sup>&#174;</sup> S&P<sup>&#174;</sup> International Telecommunications Sector ETF </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>INVESTMENT OBJECTIVE</b><b>EXAMPLE: </b>The SPDR S&amp;P International Telecommunications Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the telecommunications sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<b><a name="toc458880_27"></a>SPDR<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Dow Jones Global Real Estate ETF </b>0.17740.17480.12230.18240.005The SPDR Dow Jones Global Real Estate ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global real estate market.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):00.005<b>PORTFOLIO TURNOVER: </b><b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>000.0050.005The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 6% of the average value of its portfolio.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.05270.05080.04630.0634511602806282008-07-162008-07-162008-07-16<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Information Technology Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. technology sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Japan, the Netherlands, Norway, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 465 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. telecommunications sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Finland, France, Germany, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 74 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>TECHNOLOGY SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the technology sector, which means the Fund will be more affected by the performance of the technology sector than a fund that was more diversified. The Fund is subject to the risk that market or economic factors impacting technology companies and companies that rely heavily on technology advances could have a major effect on the value of the Fund&#8217;s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.42360.1561-0.16520.1785<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 25.74% (Q2 2009)</p><p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Lowest Quarterly Return: -17.53% (Q3 2011)</p><b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.http://www.spdrs.comAs with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>TELECOMMUNICATIONS SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the telecommunications sector, which means the Fund will be more affected by the performance of the telecommunications sector than a fund that was more diversified. The telecommunications industry is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the telecommunications companies. The telecommunications industry can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid obsolescence and research and development of new products. Technological innovations may make the products and services of telecommunications companies obsolete. Other risks include uncertainties resulting from such companies&#8217; diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p><b>FUND PERFORMANCE </b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.1782<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 19.63% (Q3 2010)<br/> Lowest Quarterly Return: -15.26% (Q1 2009)</p>0.00350.00270.00410.0076<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.01130.00640.01990.02820.0023-0.00280.00380.01182008-07-162008-07-162008-07-162008-07-160.005This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0<b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Industrial Sector ETF</b>00.06<b>INVESTMENT OBJECTIVE</b>0.005As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.The SPDR S&amp;P International Industrial Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the industrial sector of developed global markets outside the United States.<b>EXAMPLE: </b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>FEES AND EXPENSES OF THE FUND</b><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.com<b>PORTFOLIO TURNOVER: </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 8% of the average value of its portfolio.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b><b>EXAMPLE:</b>This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>PORTFOLIO TURNOVER:</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY</b>Highest Quarterly Return:2009-06-300.2574Lowest Quarterly Return:2011-09-30In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Industrial Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. industrial sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 930 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b><b>PRINCIPAL RISKS OF INVESTING IN THE FUND </b>2008-07-162008-07-162008-07-162008-07-16-0.1753The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.In seeking to track the performance of the Dow Jones Global Select Real Estate Securities Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">sm</sup> (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/> Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA FM).<br/><br/>The Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded global real estate securities. The Index&#8217;s composition is reviewed quarterly. The Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate. The Index includes equity Real Estate Investment Trusts (&#8220;REITs&#8221;) and real estate operating companies (&#8220;REOCs&#8221;) that meet the following criteria: (i) the company must be both an equity owner and operator of commercial and/or residential real estate (security types excluded from these indexes include mortgage REITs, netlease REITs, real estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and real estate agents, home builders, large landowners and subdividers of unimproved land, hybrid REITs, and timber REITs, as well as companies that have more than 25% of their assets in direct mortgage investments); (ii) the company must have a minimum total market capitalization of at least $200 million at the time of its inclusion; (iii) at least 75% of the company&#8217;s total revenue must be derived from the ownership and operation of real estate assets; and (iv) the liquidity of the company&#8217;s stock must be commensurate with that of other institutionally held real estate securities. Countries covered in the Index have historically included, among others, Australia, Austria, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, New Zealand, Singapore, South Africa, Spain, Sweden, Switzerland, the United Kingdom and the United States. As of December 31, 2012, the Index was comprised of 208 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.0.1598The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.0819-0.01240.0113Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.0.14This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.0.0351This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.160The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.280The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.628As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK</b>:&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK</b>:&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK</b>:&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK</b>:&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>INDUSTRIAL SECTOR RISK</b>:&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the industrial sector, which means the Fund will be more affected by the performance of the industrial sector than a fund that was more diversified. Stock prices for industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation stocks, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</p><p style="margin-bottom:0px;margin-left:4%"><b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.com<b>FUND PERFORMANCE</b>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b><a name="toc458880_37"></a>SPDR<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> S&amp;P<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> International Utilities Sector ETF </b><b>INVESTMENT OBJECTIVE</b>Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The SPDR S&amp;P International Utilities Sector ETF (the &#8220;Fund&#8221;) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the utilities sector of developed global markets outside the United States.<b>FEES AND EXPENSES OF THE FUND</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (&#8220;Shares&#8221;). This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)0.0050<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.00.005Highest Quarterly Return:2009-09-30<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):0.1736Lowest Quarterly Return:2009-03-31-0.1466This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.http://www.spdrs.com<b>EXAMPLE:</b>The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 28.56% (Q2 2009)<br/> Lowest Quarterly Return: -22.70% (Q3 2011)</p>Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.51<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPRInternationalHealthCareSectorETF column period compact * ~</div>
160<b>AVERAGE ANNUAL TOTAL RETURNS</b> (for periods ending 12/31/12)<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)280The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.628<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSAndPRInternationalHealthCareSectorETF column period compact * ~</div>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>EMERGING MARKETS RISK:</b>&nbsp;&nbsp;Investment in emerging markets subjects the Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund&#8217;s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a &#8220;failed settlement.&#8221; Failed settlements can result in losses to the Fund. For these and other reasons, investments in emerging markets are often considered speculative.</p><p style="margin-left:4%"><b>REAL ESTATE SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the real estate sector, which means the Fund will be more affected by the performance of the real estate sector than a fund that was more diversified. Adverse economic, business or political developments affecting real estate could have a major effect on the value of the Fund&#8217;s investments. Investing in real estate securities (which include REITs) may subject the Fund to risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental income. Changes in interest rates may also affect the value of the Fund&#8217;s investment in real estate securities. Certain real estate securities have a relatively small market capitalization, which may tend to increase the volatility of the market price of these securities. Real estate securities are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers. In addition, a REIT could fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended and could fail to maintain exemption from the registration requirements of the Investment Company Act of 1940, as amended.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>0.19440.1910.0050.13160.2057000.005<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSAndPRInternationalHealthCareSectorETFBarChart column period compact * ~</div>
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<b>FUND PERFORMANCE </b><b>SPDR<sup>&#174;</sup> S&amp;P<sup>&#174;</sup> International Financial Sector ETF </b>Highest Quarterly Return:<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPRInternationalTechnologySectorETF column period compact * ~</div>
2010-09-300.1963Lowest Quarterly Return:2009-03-31-0.15260.07510.07310.06552010-03-100.075551160280628<b>PORTFOLIO TURNOVER: </b><div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSAndPRInternationalTechnologySectorETF column period compact * ~</div>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 8% of the average value of its portfolio.<b>THE FUND&#8217;S PRINCIPAL INVESTMENT STRATEGY </b>In seeking to track the performance of the S&amp;P Developed Ex-U.S. BMI Utilities Sector Index (the &#8220;Index&#8221;), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (&#8220;SSgA FM&#8221; or the &#8220;Adviser&#8221;), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund&#8217;s investment objective.<br/><br/>Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;) based on securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).<br/><br/>The Index is designed to represent the non-U.S. utilities sub-industry of developed countries included in the S&amp;P Global BMI (Broad Market Index) (&#8220;Global Equity Index&#8221;). The Global Equity Index is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. To be included in the Global Equity Index, a country must have a float-adjusted market capitalization of $1 billion or more and a weight of at least 40 basis points in either the developed world or an emerging market. All publicly listed companies with float-adjusted market capitalization of a minimum of $100 million and at least $50 million annual trading volume are included for each country. Membership in the Index is based on: (1) industry sector according to the Global Industry Classification Standard (&#8220;GICS<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>&#8221;), a four-tiered industry classification structure, and (2) region according to the BMI Developed World Series criteria. All Index constituents are weighted proportionate to their float-adjusted market capitalization and are capped so that no stock exceeds 20% of the Index; stocks that exceed 5% of the Index market cap weight, in aggregate, should not exceed 45% of the Index. Changes in capped weights are monitored on a quarterly basis and adjusted if needed on the quarterly rebalancing dates. Countries covered in the Index have historically included, among others, Australia, Austria, Canada, Finland, France, Germany, Hong Kong, Italy, Japan, New Zealand, Portugal, South Korea, Spain, Switzerland and the United Kingdom. As of December 31, 2012, the Index was comprised of 104 securities.<br/><br/>The Index is sponsored by S&amp;P Dow Jones Indices LLC (the &#8220;Index Provider&#8221;), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.0.25050.23310.2540.0115-0.0047-0.0246-0.03130.0084-0.02960.3693<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSAndPRInternationalTechnologySectorETFBarChart column period compact * ~</div>
0.21272008-05-072008-05-07-0.15642008-05-070.1613<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSAndPRInternationalTechnologySectorETF column period compact * ~</div>
0.16130.16010.11640.17450.01280.01140.01270.0176<b>PRINCIPAL RISKS OF INVESTING IN THE FUND</b>As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>UTILITIES SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the utilities sector, which means the Fund will be more affected by the performance of the utilities sector than a fund that was more diversified. Stock prices for companies in the utilities sector are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a utility usually fluctuate in approximate correlation with financing costs due to political and regulatory factors, rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company&#8217;s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company&#8217;s equipment unusable or obsolete and negatively impact profitability.</p><p style="margin-bottom:0px;margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>2008-07-162008-07-162008-07-162008-07-160.34120.2386-0.02680.2505Highest Quarterly Return:2009-06-300.3199Lowest Quarterly Return:2009-03-31-0.2467<b>FUND PERFORMANCE</b>The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSAndPRInternationalFinancialSectorETF column period compact * ~</div>
http://www.spdrs.comAs with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 15.81% (Q2 2009)<br/> Lowest Quarterly Return: -20.57% (Q1 2009)</p>0.0540.1626-0.0435-0.0003<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSAndPRInternationalFinancialSectorETF column period compact * ~</div>
-0.16932008-05-070.0397<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRInternationalTelecommunicationsSectorETF column period compact * ~</div>
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0.0397This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.03320.03440.0552<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRInternationalTelecommunicationsSectorETF column period compact * ~</div>
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-0.0838-0.0878-0.0675-0.07712008-07-160.112008-07-162008-07-162008-07-160.1785As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRInternationalTelecommunicationsSectorETFBarChart column period compact * ~</div>
<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 31.99% (Q2 2009)<br/> Lowest Quarterly Return: -24.67% (Q1 2009)</p>0.1208<b>NON-DIVERSIFICATION RISK</b>:&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.0.1862-0.50680.65420.0669<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRInternationalTelecommunicationsSectorETF column period compact * ~</div>
-0.17220.1944The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.comAs with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>NON-DIVERSIFICATION RISK:</b> &nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.http://www.spdrs.com<p style="margin-top:0px;margin-bottom:0px;margin-left:1.22em">Highest Quarterly Return: 36.13% (Q2 2009)<br/> Lowest Quarterly Return: -25.33% (Q3 2011)</p>Highest Quarterly Return:2009-06-300.2856Lowest Quarterly Return:The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.Highest Quarterly Return:2011-09-302009-06-30-0.227The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.0.3613Lowest Quarterly Return:2011-09-30-0.2533This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.0.082009-06-30-0.20572009-03-31<b>ANNUAL TOTAL RETURN</b> (years ended 12/31)<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares. Investment performance through December 31, 2012 is attributable to an affiliated investment sub-adviser of the Fund. Effective January 1, 2013, SSgA FM assumed direct management of the Fund.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSPRCHINAETF column period compact * ~</div>
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Highest Quarterly Return:Lowest Quarterly Return:0.1581<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSPRInternationalIndustrialSectorETF column period compact * ~</div>
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSPRCHINAETFBarChart column period compact * ~</div>
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The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSPRCHINAETF column period compact * ~</div>
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The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at http://www.spdrs.com.51160280628<b>ANNUAL FUND OPERATING EXPENSES</b> (expenses that you pay each year as a percentage of the value of your investment):<b>ANNUAL FUND OPERATING EXPENSES </b>(expenses that you pay each year as a percentage of the value of your investment):<b>FEES AND EXPENSES OF THE FUND </b>2007-03-202007-03-202007-03-202007-03-20<b>INVESTMENT OBJECTIVE</b>2007-03-20-0.031<b>ANNUAL TOTAL RETURN </b>(years ended 12/31)<b>AVERAGE ANNUAL TOTAL RETURNS </b>(for periods ending 12/31/12)0.005This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.0.080.02This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund&#8217;s Shares.The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.<b>SPDR<sup>&#174;</sup> S&P<sup>&#174;</sup> INTERNATIONAL MID CAP ETF</b>0.62740.2114-0.22850.093As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.0.0930.09180.06690.091-0.0367-0.0289-0.0182-0.03572008-07-162008-07-162008-07-162008-07-16As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.<p style="margin-left:4%"><b>PASSIVE STRATEGY/INDEX RISK:</b>&nbsp;&nbsp;The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund&#8217;s return to be lower than if the Fund employed an active strategy.</p><p style="margin-left:4%"><b>INDEX TRACKING RISK:</b>&nbsp;&nbsp;While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund&#8217;s return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.</p><p style="margin-left:4%"><b>EQUITY INVESTING RISK:</b>&nbsp;&nbsp;An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.</p><p style="margin-left:4%"><b>FOREIGN INVESTMENT RISK:</b>&nbsp;&nbsp;Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; different practices for clearing and settling trades; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which the Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries.</p><p style="margin-left:4%"><b>MATERIALS SECTOR RISK:</b>&nbsp;&nbsp;The Fund&#8217;s assets will be concentrated in the materials sector, which means the Fund will be more affected by the performance of the materials sector than a fund that was more diversified. Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The basic industries sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</p><p style="margin-left:4%"><b>NON-DIVERSIFICATION RISK:</b>&nbsp;&nbsp;The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund&#8217;s performance may be disproportionately impacted by the performance of relatively few securities.</p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was less than 0.5% of the average value of its portfolio.<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRInternationalMaterialsSectorETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRInternationalMaterialsSectorETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRInternationalMaterialsSectorETFBarChart column period compact * ~</div>
The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for certain time periods compare with the average annual returns of the Index.http://www.spdrs.comThe Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The returns after taxes can exceed the return before taxes due to the application of foreign tax credits and/or an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.Highest Quarterly Return:2009-06-300.2925Lowest Quarterly Return:2011-09-30-0.2591<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRInternationalMaterialsSectorETF column period compact * ~</div>
2008-07-162007-04-202008-07-16The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.spdrs.com/role/ScheduleExpenseExampleTransposedSPDRRSandPRInternationalUtilitiesSectorETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualFundOperatingExpensesSPDRRSandPRInternationalUtilitiesSectorETF column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAnnualTotalReturnsSPDRRSandPRInternationalUtilitiesSectorETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.spdrs.com/role/ScheduleAverageAnnualTotalReturnsTransposedSPDRRSandPRInternationalUtilitiesSectorETF column period compact * ~</div>
Amounts do not reflect extraordinary expenses of 0.01% incurred during the prior fiscal year.Amounts do not reflect extraordinary expenses of 0.06% incurred during the prior fiscal year.Amounts do not reflect extraordinary expenses of 0.02% incurred during the prior fiscal year.